In February 2012, Clean Focus and Glimcher Realty Trust completed one of the largest rooftop solar power systems in North America – a 4.8MW array atop Jersey Gardens Mall in Elizabeth, NJ. Realized through a collaboration of PSE&G, SunPower, and Gerding Edlen Sustainable Solutions, the project is comprised of 15,000 solar modules and generates 11% of the mall’s electrical demand – the equivalent energy to power 565 New Jersey homes.
Clean Focus partnered with Gerding Edlen to develop this project. Gerding Edlen brought in Clean Focus for our ability to underwrite and perform our own credit analysis on a non-investment grade offtaker. The Jersey Gardens mall is a very healthy shopping mall but many investors shy away from retail businesses because of the inherent industry volatility.
The system was financed in part by the Public Service Electric and Gas Co. (PSE&G) Solar Loan Program, which is a unique long-term debt program that allows the loan to be repaid using Solar Renewable Energy Certificates (SRECs) generated by the solar system, with a minimum value for each credit guaranteed by PSE&G.
“Clean Focus and the other financing parties were able to underwrite the Jersey Gardens mall and determine that we were a credit-worthy long term counterparty.”
– Marshall Loeb, president and COO, Glimcher Realty Trust
|Capacity (kW DC)||4800|
|Location Name||Jersey Gardens Shopping Mall|
|City, State||Elizabeth, NJ|
|Number of Sites||1 site, 2 phases|
|Date Completed||December 2011 (Phase 1)February 2012 (Phase 2)|
|Developer||Gerding-Edlin Sustainable Solutions|
|Offtaker||Jersey Gardens Shopping Mall|